Eros International PLC Provides Business Update
02 July 2019 - 10:18PM
Business Wire
Today Eros International Plc (NYSE: EROS) (“Eros” or the
“Company”), a Global Indian Entertainment Company, offered the
following update:
The Company reports that outstanding interest payments of the
Company’s Indian operating subsidiary (EIML) that caused a recent
ratings downgrade by CARE have been paid by EIML. The Company is
working with CARE in an attempt to restore its previous investment
grade rating, with the full support of its existing banking
consortium. In addition, the Company reiterates that the recent
withdrawal of its Moody’s rating was at the Company’s request given
that it does not have any outstanding public institutional
bonds.
On June 7, 2019, “Hindenburg Research,” published by Nathan
Anderson of Clarity Spring, issued a report repeating several false
allegations designed to discredit Eros’s business that have
previously been rejected in the US courts, most recently through
the dismissal of a securities class action in 2016. This most
recent report is another improper attempt by an admitted short
seller to harm the Company so that this investor can take advantage
of a short position in the Company’s stock. The Company previously
disclosed in March 2016 that the Company’s Audit Committee, with
the assistance of Skadden Arps Slate Meagher & Flom LLP,
completed an internal review of the Company’s financial reporting
for the following areas: (i) UAE sales and revenue recognition,
(ii) amortization policy of intangibles, including film and content
costs, (iii) related party transactions, (iv) Eros Now registered
users count, and (vi) Eros’ film library. Following that review,
the Audit Committee was—and remains—satisfied with the Company’s
financial reporting and disclosures in its financial statements as
filed.
The Company’s legal counsel, Gibson, Dunn & Crutcher LLP,
will defend the Company against these baseless attacks.
As announced on June 19, 2019, the Board is currently assessing
strategic alternatives for the Company, and that process is
ongoing. The Company further reports that outside director Jyoti
Deshpande of Reliance Industries has left the Board of Directors of
Eros International Plc, as of June 28, 2019, for other
commitments.
The Company will release full-year financial results on July 15,
2019, as previously stated.
About Eros International
Plc
Eros International Plc (NYSE: EROS) a Global Indian
Entertainment company that acquires, co-produces and distributes
Indian films across all available formats such as cinema,
television and digital new media. Eros International Plc became the
first Indian media company to list on the New York Stock Exchange.
Eros International has experience of over three decades in
establishing a global platform for Indian cinema. The Company has
an extensive and growing movie library comprising of over 3,000
films, which include Hindi, Tamil, and other regional language
films for home entertainment distribution. The Company also owns
the rapidly growing OTT platform Eros Now.
For further information, please visit: www.erosplc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190702005333/en/
Mark Carbeck Chief Corporate and Strategy Officer Eros
International Plc +44 207 258 9909 mark.carbeck@erosintl.com
Media: Erica Bartsch Sloane & Company +1 212 446 1875
ebartsch@sloanepr.com
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